Bank Bailout vs. Homeowner Security
How to Reduce the Risk of the Bailout for the Taxpayer
By Philip J. Bisesi, PE

Letter to U.S. Congressman
       
Subject:  Bank Bailout vs Homeowner Security

Dear Representative:

Please vote for the citizens and small investors, rather than the big investors, banks and brokers.

Homeowners who invested in the American Land and Homes deserve more consideration than investors who do not have a stake in the homeowners’ wellbeing. This problem started when Savings and Loans were wiped out by greedy large investors and banks. It was made worse when brokers bundled mortgages to investors with federal help.

A bank bailout financed by foreign money at the loss of home ownership for Americans will be the final step to ruin of the economy and trust in the political system because many of us believe that congress and the administration have been bought regardless of party. 

The bill will be very expensive in social cost due to increases in public housing and nursing home costs, loss of jobs and income in the housing market, physical and mental health costs for the homeless and broken families and other social upheavals.
 
Consider the semi-retired older working poor. Do you wish to see them homeless and eventually in nursing homes when they loose everything.

Please revise the bill to put a moratorium on foreclosures. Loan modification by rolling late payments to the end and not charging legal and miscellaneous fees can make many people in default get back on track. Just put a little of the money into facilitating communication with the mortgage companies (fund Consumer Credit Counseling, etc).

It will reduce the cost of buying up “risky paper” by making the investors responsible to their customers.

Look at the goal of stabilizing home ownership and the financial market at the same time by considering the total cost to society rather than the bottom line for the financiers.  Be responsible for America by being responsible to the people. 

Sincerely yours,
Phil Bisesi

EDITOR'S NOTE: Phil Bisesi is an Asheville-based consulting engineer and owner of Affiliated Consulting, Engineers at www.aconsultingengineer.com. This letter is published with permission.

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